Solis Minerals Targets Peru’s Copper Belt with Major Exploration Push
Australian junior miner Solis Minerals (ASX: SLM) is making waves in Peru’s prolific copper-gold sector, kicking off its largest exploratory campaign to date across three strategic assets. The company has deployed a diamond drill rig to its 100%-owned Chancho al Palo project, launching a 2,500-meter drilling program focused on high-potential porphyry and IOCG (iron oxide copper-gold) targets. Situated in Peru’s mineral-rich coastal copper belt—home to Southern Copper’s Tia Maria and AusQuest’s Cangallo projects—this marks Solis’ first-ever drilling initiative at the site.
Simultaneously, Solis cleared a critical regulatory hurdle, securing drill permit approval from Peru’s Ministry of Energy and Mines (MINEM) for its Ilo Este asset. A 5,000-meter diamond drilling campaign there is slated for June 2025, targeting copper mineralization in a region adjacent to historical workings. The company is also finalizing an induced polarization (IP) survey at its Cinto project, bordering Southern Copper’s Toquepala mine—one of South America’s largest copper producers, with 225,000 tonnes extracted in 2024. Cinto’s IP results, expected next month, could reveal subsurface structures analogous to Toquepala’s massive porphyry system.
Market Opportunities
- Strategic positioning in Peru’s second-largest copper-producing region (19% of global output)
- First-mover advantage at undrilled Chancho al Palo with multi-target exploration
- Full ownership of assets reduces joint venture complexities
Key Risks
- Exploration timelines dependent on Peruvian regulatory approvals
- Copper price volatility (currently ~$4.50/lb) impacts project economics
05/22/2025
Why It Matters
Peru’s mining ministry forecasts copper production to double to 3 million tonnes annually by 2030, driven by demand for green technologies. Solis’ projects lie within 200km of key infrastructure including the Pan-American Highway and Peruvian Southern Railway, offering potential logistical advantages. CEO Mitch Thomas emphasized the “multi-campaign strategy” across their 69,200-hectare portfolio, noting their team’s prior success in Chile’s Atacama copper region.
What’s Ahead
- Chancho al Palo initial assay results: Q3 2025
- Cinto IP survey interpretation: June 2025
- Ilo Este drilling commencement: Subject to community consultation completion
SLM shares gained 4.3% on the ASX following the announcement, outperforming the materials sector’s 1.1% decline. The company holds A$12.6M in working capital as of last quarter.
Key Details
How does Solis’ portfolio compare regionally?
Southern Copper’s neighboring Toquepala mine holds proven reserves of 9.3 billion pounds copper. Solis’ projects target similar geological settings.
What’s the significance of IOCG targets?
Iron oxide copper-gold systems often yield higher-grade deposits. Chile’s Candelaria mine (Lundin Mining) produces 140,000t copper annually from this deposit type.
Chancho al Palo magnetic anomaly targets (Source: Solis Minerals)
Original article, Author: Jam. If you wish to reprint this article, please indicate the source:https://aicnbc.com/725.html
